Liquidity remains a primary concern as the company burned $12.5 million in free cash flow during 2025Q4, representing a significant deficit relative to its $49.2 million cash balance.
Nano-X Imaging Ltd. (NNOX) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -47.79M | -40.79M | -36.6M | -44.78M | -43.38M | -38.07M | -21.49M | -5.52M | -3.67M |
| Operating CF Margin % | - | -313.29% | -324.36% | -452.06% | -505.77% | -2919.56% | - | - | - |
| Operating CF Growth % | -100.98% | -11.46% | 18.27% | -3.21% | -13.96% | -77.18% | -288.98% | -50.48% | - |
| Net Income | -116.81M | -75.02M | -53.52M | -60.78M | -105.24M | -61.8M | -43.81M | -22.56M | -1.91M |
| Depreciation & Amortization | 11.44M | 11.7M | 11.73M | 11.81M | 11.51M | 2.29M | 208K | 53K | 35K |
| Stock-Based Compensation | 3.62M | 4.19M | 7.26M | 6.84M | 18.62M | 18.81M | 24.78M | 16.25M | 115K |
| Deferred Taxes | -1.98M | -1.98M | -377K | -377K | -3.73M | -116K | -25.3M | -16.35M | 0 |
| Other Non-Cash Items | 56.42M | 17.54M | -572K | 5.21M | 52.4M | -2K | 25.3M | 16.35M | 185K |
| Working Capital Changes | -486.75K | 2.77M | -1.13M | -7.48M | -16.95M | 2.75M | -2.66M | 741K | -1.91M |
| Change in Receivables | 320.5K | 107K | -321K | -507K | 74K | -40K | 0 | 0 | 0 |
| Change in Inventory | -1.34M | -325K | -277K | 0 | 0 | 864K | 0 | 0 | 0 |
| Change in Payables | -81.68K | 288K | -1.32M | -153K | 469K | 1.72M | -103K | 393K | -134K |
| Cash from Investing | 7.34M | 29.37M | -20.05M | 35.43M | 14.61M | -116.32M | -13.94M | -125K | -73K |
| Capital Expenditures | -5.49M | -4.21M | -2.77M | -3.3M | -7.17M | -23.16M | -13.94M | -125K | -73K |
| CapEx % of Revenue | 35.13% | 32.31% | 24.52% | 33.35% | 83.6% | 1775.92% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 1.01M | -2.86M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.83M | -200K | 46K | -373K | -1.01M | -90.3M | 0 | 0 | 0 |
| Cash from Financing | 22.15M | 21.37M | 39.5M | 27.25M | 804K | 7.38M | 240.99M | 13.86M | 3.68M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 3.8M | 0 | 0 | 0 |
| Equity Issued (Net) | 16.58M | 21.37M | 37.83M | 27.14M | 0 | 0 | 240.36M | 14.04M | 3.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.57M | 0 | 1.67M | 113K | 804K | 3.58M | 630K | -177K | 0 |
| Net Change in Cash | -18.88M | 9.85M | -17.07M | 17.85M | -28.24M | -147.01M | 205.57M | 8.21M | -60K |
| Free Cash Flow | -53.28M | -45M | -39.37M | -48.08M | -50.56M | -61.23M | -35.42M | -5.65M | -3.74M |
| FCF Margin % | -340.83% | -345.6% | -348.89% | -485.41% | -589.37% | -4695.48% | - | - | - |
| FCF Growth % | -27.93% | -14.31% | 18.13% | 4.9% | 17.43% | -72.85% | -527.08% | -50.88% | - |
| FCF per Share | -0.76 | -0.69 | -0.67 | -0.85 | -0.97 | -1.27 | -0.99 | -0.12 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.46x | 0.54x | 0.68x | 0.74x | 0.41x | 0.62x | 0.49x | 0.24x | 1.92x |
| Interest Paid | 63K | 132K | 140K | 149K | 90K | 13K | 0 | 0 | 0 |
| Taxes Paid | 170K | 184K | 53K | 3K | 147K | 7K | 8K | 0 | 0 |
Quick answers to the most common questions about buying NNOX stock.
Nano-X Imaging Ltd. (NNOX) generated $-40.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nano-X Imaging Ltd. (NNOX) reported negative free cash flow of $45.0M in 2025, indicating capital requirements exceeded cash from operations.
Nano-X Imaging Ltd. (NNOX) spent $4.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Capital exhaustion and liquidity
Persistent Disconnect Between Earnings Reality
As reported in recent financial filings, NNOX exhibits a persistent gap between net losses and operating cash flow, with the company reporting a net loss of $33.4 million in 2025Q4 while operating cash flow remained negative at $11.5 million, highlighting significant non-cash accounting adjustments.
The divergence between net income and operating cash flow suggests that non-cash expenses, such as stock-based compensation and depreciation, are masking the true extent of the company's cash burn. Investors should monitor whether this gap narrows as the company attempts to scale its hardware-as-a-service model, as current figures imply that operational losses are not yet being mitigated by cash-generative activities.
Negative Free Cash Flow Trajectory
According to the company's quarterly data, NNOX continues to experience a consistent free cash flow deficit, with 2025Q4 free cash flow reaching -$12.5 million, underscoring the ongoing challenge of funding commercialization efforts without a self-sustaining revenue base to offset high operating and capital expenditures.
The consistent negative free cash flow trajectory indicates that the company is currently in a capital-intensive phase where every dollar of revenue is accompanied by disproportionate cash outflows. This trend suggests that the business model remains highly dependent on external financing to maintain its current operational footprint and R&D initiatives.
Capital Intensity Amidst Early Commercialization
Based on recent SEC filings, NNOX's capital expenditure reached 26.7% of revenue in 2025Q4, reflecting the significant investment required to deploy its proprietary imaging hardware units despite the company's inability to generate positive gross margins from its current service-heavy revenue mix.
The high capital intensity relative to revenue suggests that the company is prioritizing the physical installation of its Nanox.ARC units over immediate profitability. This strategy warrants further investigation into whether these capital outlays will eventually yield the recurring service revenue necessary to justify the current level of asset-heavy investment.
Working Capital Volatility and Efficiency
As disclosed in financial statements, NNOX experienced a $3.7 million positive working capital change in 2025Q4, which provided a temporary, albeit insufficient, buffer against the company's ongoing operating cash burn and highlights the inherent volatility in managing receivables and payables during early-stage commercialization.
The fluctuation in working capital suggests that the company's cash flow is sensitive to the timing of payments and collections, which is typical for a business transitioning from R&D to service delivery. Investors should monitor whether these working capital swings represent sustainable improvements in cash management or merely timing differences that do not address the underlying structural cash deficit.